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Bank of America plans step-up callable range accrual notes on S&P 500
By Marisa Wong
Madison, Wis., Jan. 10 - Bank of America Corp. plans to price step-up callable range accrual notes due January 2023 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will accrue at a fixed rate for each day that the S&P 500 closes above 1,000. Interest will be payable quarterly.
The fixed rate will be 5.75% to 6.25% from January 2011 to January 2015, 6.75% to 7.25% from January 2015 to January 2019 and 7.75% to 8.25% from January 2019 to January 2023.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning in January 2016.
The notes will price and settle in January, with the exact deal terms to be set at pricing.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
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